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Week in Review: 5-9 June 2023

Summary and Comment

The GDP report released on Thursday showed a mixed performance across Europe. Southern European economies including Spain, Italy and Portugal posted strong growth rates. Germany and the Netherlands shrank and France grew only mildly. Since spring, Europe’s overall economy has picked up the pace slightly, and the ​​European Commission has lifted its growth outlook, forecasting an expansion of 1.1 % this year and 1.6 % in 2024.

Despite a slowing economy and a recession, big cap stocks in the US have been rising parabolically in the past weeks, defying the forecasts of an earnings recession. If this is a bear market rally, it is likely reaching the top (it's a matter of weeks or a few months).

For the week, the main indices had little change, with the NASDAQ down 0.13 %, the S&P500 up 0.39 %, and the RUSSEL 2000 rising considerably (1.9 %). Gold is up 0.68 % and silver went up 2.78 %. The barrel of WTI sinked 2.16 % for the week. Natural gas rised 4.98 %.

The relative strength of the US dollar varied little (-0.47 %). The US 10-year yield rised to 3.74 %. The US bond yield is peaking at 5.4 % in 6 months from now, and the yield curve remains inverted

Prepare, for the economic storms are not over...


Sources:

https://www.nytimes.com/2023/06/08/business/eurozone-recession-economy.html

https://tradingeconomics.com/


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